OneWater record results show desire to get outdoors
Record results just released by the retailer, OneWater Marine, indicate that getting out on the water remains a priority for US consumers.
The operator of more than 100 retail locations, 12 distribution centres and multiple online marketplaces across 20 states, increased its second quarter revenue by 19% to $524 million as boat sales continued to grow.
The record figure, bolstered by revenue from acquisitions and organic growth, follows a 34% increase in the same period the previous year.
Net income totalled $27 million in the quarter ended March 31st, 2023, compared to $42.4 million in 2022.
OneWater is maintaining its previous full-year outlook, anticipating same store sales to be flat to up by mid-single digits.
“As the industry continues to return to historical seasonal cycles, with more normalised pricing and inventory levels, we will use our robust sales platform and inventory management tools to continue to outperform the industry and gain market share,” said Austin Singleton (pictured), CEO at OneWater.
The company’s revenue streams include the sale of new and pre-owned boats, parts and accessories, maintenance, repair and finance and insurance products.
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